GBP/INR may fall 262 - 388 pips

Our pivot point stands at 108.517.

Our preference

Technical rebound towards 108.517 before a new drop.

Alternative scenario

Above 108.517, look for 108.727 and 108.853.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (108.331) but below its 50 period moving average (108.361).

Supports and resistances

108.853 **

108.727 *

108.517 **

108.434

108.342 last

108.080

107.954 **

107.829 *

107.703 **

Number of asterisks represents the strength of support and resistance levels.